From St. Pete Times:
Two top credit rating agencies Wednesday downgraded their ratings on the Seminole Tribe of Florida, citing chronic problems with the tribe’s internal financial controls governing funds associated with their extensive casino gambling operations.
The downgrade reflects the inability to resolve the tribal government’s “long track record of weak internal controls with respect to financial and accounting practices,” said Fitch Ratings, which resulted in the June 3 notice of violation from the National Indian Gaming Commission.
Rating agency S&P said it put the tribe on “credit watch with negative implications” as well as its affiliates, Seminole Hard Rock Entertainment Inc. and Seminole Hard Rock International LLC. S&P also cited the gaming commission’s notice about the improper uses of gaming revenues by certain tribal members, including members of the tribal council. The Seminole Hard Rock Casino has locations in Tampa and Hollywood in South Florida.